The Real National Debt
Per most recent available data.
Total Federal Burden
$56,400,000,000,000
Your Share
$187,300
The State of the Union's Finances (PDF)
I.O.U.S.A. The Movie (30 min version)
Posted on 01/08/2009 6:25:22 AM PST by Invisigoth
If you were in so much debt that, even under a best-case scenario, it would take you 200 years to pay it off, you might want to get started, don’t you think?
Nah!
The incoming administration promises to get around to spending discipline just as soon as it finishes a drunken-sailor spending frenzy like few we have ever seen. Isn’t that reassuring?
The U.S. national debt now stands at $10.8 trillion, and President-elect Obama vows to toss another $775 billion on top of that almost as soon as he takes office – to “stimulate” the economy.
The dollar amount of the debt matters less than what it represents as a percentage of the nation’s gross domestic product, but when the economy stagnates and the federal government tries to stimulate it with spending, that percentage only becomes more troubling. In 2007, for example, the amount added to the national debt was about $460 billion – about 3.4 percent of GDP, the lowest figure in nearly a decade. But in 2008, we added more than $1.1 trillion to the debt. We increased the nation’s entire debt by 10 percent in one year – representing a whopping 7.4 percent of GDP.
(Excerpt) Read more at northstarwriters.com ...
I bet a lot of this Bailout money is going toward our Minimum Monthly payment.
What is the Minimum monthly payment on $10 trillion?
How about some foresting...Naw...Let it burn...
How about getting rid of some of the extravagant pensions afforded government workers. Naw...They'll do loess work than they do now...
How about Congress paying SS...like the rest of us. Naw...
Let’s see how much more damage Paulson can do in the next 12 days. Our only hope is that he’s busy getting his tax free $500 MM off shore and too busy with that task to wield any more weapons at the necks of Congress.
I loved this quote from the Hankster:
“Under Paulson’s proposal, Congress would replace Fannie and Freddie with one or two private sector entities that would purchase and securitize mortgages with a credit guarantee backed by the federal government. The new companies would be privately owned but governed by a rate-setting commission that would establish a targeted rate of return, he said.”
Flaming assclown. WTH does he think FNM and FRE were before?
The U.S. Government's version of "Screw 'em, I'm selling what I got, changing my name, and hiding out. You'll never see a dime of it." is well underway.
This just isn’t fair. I mean Obama should be allowed to spend his fair share. /s
The leftists plan to purchase the United States. Or rather, to simply take it over with taxpayer money, of course. And republicans are complicit—right up to their RINO eyeballs.
They have no intention of paying it off.
Ever.
What they are doing, and have been doing, is monitizing the debt.
The "hidden" tax of inflation has been killing us silently for years.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.